In its fourth-quarter financial report, Dutch neobank Bunq reported making its first profit since breaking even in December 2021.
Bunq made a pre-tax profit of €2.3 million during the fourth quarter. The neobank's net fee and commission income during the same period increased by 37% to €23.1 million in comparison to the fourth quarter of 2021.
Client deposits increased by 64% to €1.8 billion in the fourth quarter of 2022 from €1.1 billion a year earlier.
Neobank received 193 million euros in July 2021 under the Series A financing program, run by Pollen Street Capital, a British private equity company.
Bunq is a digital bank that offers a number of services to both private clients and businesses. Clients can open up to 25 international sub-accounts for free. Also, Bunq offers MasterCard bank cards that let users pay their bills from anywhere in the world, and provides access to a free mobile app that allows them to manage their accounts.